The company was founded in November 1990 as a joint venture between Acorn Computers, Apple Computer, and VLSI Technology. The new company intended to further the development of the Acorn RISC Machine processor, which was originally used in the Acorn Archimedes and had been selected by Apple for their Newton project. Its first profitable year was 1993. The company's Silicon Valley and Tokyo offices were opened in 1994. In 1997, ARM invested in Palmchip Corporation to provide a system on chip platforms and to enter into the disk drive market. In 1998 the Company changed its name from Advanced RISC Machines Ltd to ARM Ltd.